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Argentina Drilling Report

ECR MINERALS plc(“ECR Minerals”, “ECR” or the “Company”)

AIM: ECRUS OTC: MTGDY

London: 21 May 2012 ECR Minerals plc is pleased to announce the following results of drilling at the El Abra prospect within the Company’s Sierra de las Minas gold project area in La Rioja Province, Argentina.

Highlights

Assay results for all significant mineralised intersections of recently completed drilling programme now received

Best overall intersection of programme 3.9m downhole at 11.6g/t Au in hole 9, including 0.2m at 109.1g/t Au

Patrick Harford, Managing Director of ECR Minerals plc, comments:

“Together with the earlier results of this first drilling programme at El Abra, the results reported today are very promising and have confirmed the presence at depth of high grade gold mineralisation within quartz veining over a 500m strike length. The mineralisation remains open along strike and down dip.

Further drilling is merited at El Abra in order to better define the mineralisation encountered and, dependent on the success of such drilling, to obtain sufficient data to complete an initial resource estimate.

In light of the structural and geological complexity of the El Abra mineralisation and in order to obtain maximum value from future drilling the Company intends to complete a detailed structural study along with additional surface geochemical sampling before planning a second drilling programme. This work will enable a better understanding of the style and orientation of the mineralisation at El Abra ahead of further drilling.”

Results of Drilling

Assay results in respect of gold mineralisation intersected by holes 9, 10 and 13 of the drilling programme are disclosed in the table below. Holes 4, 11 and 12 did not intersect significant gold mineralisation. Results of drilling for holes 1, 2, 3, 5, 6, 7 and 8 were reported by the Company on 27 April 2012.

A 13th hole was completed in addition to the 12 holes originally planned and a total of 1,112m was drilled in the programme. All 13 holes were targeted to test the continuity at depth of high grade quartz vein hosted gold mineralisation identified from surface sampling over a strike length of approximately 500m on the principal vein/shear at El Abra.

Hole

Mineralised intersection (m)

From (m)

To (m)

True width (m)

Grade (Au g/t)

Vertical depth of intersection (m)

Total depth of hole (m)

Declination (degrees)

9

3.9

39.5

42.65

2.8

11.6

35.0

67.75

45

inc.

0.2

109.1

10

2.0

60.7

62.7

1.0

1.4

60.0

71.3

60

13

3.0

27.6

29.6

1.1

11.1

21.9

47.1

49

inc.

1.0

20.5

All assays were carried out at the internationally accredited AcmeLabs laboratory in Mendoza, Argentina.

A plan of the El Abra prospect showing the approximate location of each drilling location, drill hole and surface sample site is available here

Summary of Programme

Of 13 holes drilled:

Holes 2, 9 and 13 intersected very high grade gold mineralisation

Four more holes intersected mineralisation grading in excess of 1g/t Au

Drilling took place from four separate locations targeting mineralisation contained in a shear zone trending SW to NE. This shear zone is now thought to be interrupted by splays and faults oriented NW to SE.

Drilling from location A was targeted beneath surface mineralisation and historical workings at two surface sample points known as Riel and Buho (three holes: 1, 2 and 11).

Drilling from location B (250m NE of location A) was targeted beneath mineralisation and historical workings at two surface sample points known as IV and V (four holes: 3, 4, 5 and 6).

Drilling from location C (250m SW of location A) was targeted beneath mineralisation and historical workings at two surface sample points known as Las Abejas and Chiflon (four holes: 7, 8, 9 and 10), and a final hole (13) drilled from location C targeted the area between Las Abejas and Chiflon.

Holes 1 and 2 Targeted beneath sample point Riel, from which a surface sample grading 4.64g/t Au over 1m was previously obtained.

Hole 11Targeted beneath sample point Buho, from which a surface sample grading 3.18g/t Au over 1m was previously obtained.

Location B

Holes 3 and 4 Targeted beneath sample point V, from which a surface sample grading 11.8g/t Au over 1m was previously obtained.

Holes 5 and 6 Targeted beneath sample point IV, from which a surface sample grading 6.55g/t Au over 1m was previously obtained.

Location C

Holes 7 and 8 Targeted beneath sample point Las Abejas, from which a surface sample grading 80.14g/t Au over 1m was previously obtained.

Holes 9 and 10 Targeted beneath sample point Chiflon, from which a surface sample grading 6.77g/t Au over 1m was previously obtained.

Hole 13 Targeted the area between sample points Las Abejas and Chiflon.

Location D

Hole 12 Targeted beneath sample point Campamento, from which a surface sample grading 20.08g/t Au over 1m was previously obtained.

About the Sierra de las Minas Project Area

ECR holds 100% of the exploration rights to the Sierra de las Minas project area and 100% of the exploitation rights to a number of prospects within it, including the El Abra prospect. Exploration rights for other prospects may be converted to exploitation rights by application to the government of La Rioja Province. The El Abra and Jazmin prospects are subject to a 2% net smelter return royalty from production. In the case of exploitation rights, commencement of mining activities is subject to receipt of the necessary environmental permissions from the provincial government.

The project area is located approximately 800km north west of Buenos Aires and is the site of significant historical small scale gold mining. Access to the project area is possible via paved highways from the cities of Mendoza, San Juan and Cordoba. Local access is by paved and unpaved provincial routes.

About ECR Minerals plc

ECR is a mineral development company with interests in Argentina, the USA, Indonesia, Thailand and Australia.

For further information please contact:

ECR Minerals plc

Patrick Harford, Executive Chairman

Stephen Clayson, Director & Chief Financial Officer

Email:This email address is being protected from spambots. You need JavaScript enabled to view it.

Daniel Stewart & Company plc

Paul Shackleton/Tessa Smith/David Hart

Tel:

+44 (0) 20 7776 6550

Old Park Lane Capital plc

Michael Parnes

Tel:

+44 (0) 20 7493 8188

Blythe Weigh Communications

Matthew Neal/Tim Blythe/Paul Weigh

Tel:

+44 (0)20 7138 3204

The contents of this announcement have been reviewed by Richard Watts B.Eng. Mining, Fellow of the South African Institute of Mining & Metallurgy, a technical adviser to the Company with more than 40 years of experience in the mining and exploration industry.